Yes, the Internet boom is over - at least temporarily. It's time to dust off "Marketing 101" and try to remember what we did back in the early nineties when we didn't have money to burn. Here's a reminder:

Build Your Business, Not Your Brand.

With all due respect to its many proponents, branding is a luxury you can't afford. For all the dot coms that spent millions creating a brand (a certain sock puppet comes to mind), there are hundreds more using cost-effective marketing strategies to generate new business from people who have never heard of them. Branding may be a worthy goal for Coke or Nike, but with your budget, forget it.

The best way to generate awareness is to sell product. These days, you need bang for the buck. And that means programs that generate tangible results: phone calls, Web hits and qualified sales leads.

Test, Test, Test.

Unsure of your message? Can't decide whether to target Web developers or CFOs? No focus group is good enough to merit betting your budget. Instead, test. Launch an e-mail campaign and pit your two strongest messages head-to-head as subject lines. Split your direct mail campaign in two, target two audiences at once and see which generates the highest response. Not only will you minimize the risk but you'll learn enough to improve the response significantly from subsequent campaigns.

Make Every Lead Count.

Sales reps will never change, and that means they'll chase short-term opportunities and leave the rest to the competition. (One recent industry study showed that over 50 percent of qualified leads make their purchase more than 12 months after the initial contact.)

Fact is, you can no longer afford to generate new, "hot" leads every month. Build a communications strategy that nurtures every lead you generate until that person is ready to buy. Priority #1: An opt-in e-mail newsletter that keeps your name in front of prospects at a far lower cost than direct mail.

Hire Specialists.

No one agency does everything well. And these days, there are thousands of independent consultants, freelancers and small boutique agencies that specialize in Web design, PR, events, direct response, you name it. And with a lot less overhead than the big guys. Choose someone with specific experience and proven results in your market.

Don't Limit Your Market.

It's generally true that the more targeted a campaign, the more successful. But many companies (particularly start-ups with new products or services) make the mistake of narrowing their audience too prohibitively - to certain industries or geographies, for example.

The challenges of finding a critical mass of names in such a narrow audience may force compromises in other areas (in direct mail, it may eliminate some lists entirely, or you may need to expand to other job titles in order to meet list minimums.) Broaden your target market (within reason), and you'll achieve a better economy of scale, expand your media options, and perhaps even uncover areas of opportunity you hadn't considered otherwise.

Remember the Offer.

No matter how compelling your e-mail copy or how innovative your banner design, a good offer is what drives prospects to respond. Don't expend valuable marketing dollars on a more expensive campaign only to shortchange the offer. Write a white paper. Produce a CD-ROM. Chances are you'll generate more leads with a stronger offer even if it means scaling back your campaign in other areas.